Consumer Math for the 21st Century

What Should be Consumer Math?

Recently I was looking up consumer math online. Specifically, I was looking for a curriculum that utilized spreadsheets. Not that I exhausted all of the options, but many of the ones I looked at were horribly outdated. So what should be included in a consumer math program for the 21st century?

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I started a Google Site to brainstorm ideas. Think about our Kindergarteners who will graduate in 2031. Writing checks won’t be a thing then, what types of things will we need to prepare them for? I’ll work on building this into some free resources. If you have any ideas or resources please contribute.

At lower economics levels money orders are still highly utilized. The allure of title and pay day loans present a need to teach the true cost and how to avoid them. I still use checks weekly to pay for lessons for my dtr.

Figuring out health insurance, what is a deductible, who to analyze health plans (give them a type of “family” scenario), how to read and challenge health care bills if they see errors, how to call customer service and elevate concerns appropriately.

Yes purchasing phones vs paying for it monthly? How do you get a FREE gov phone? What phone & plan is best for you, financially? Data? Prepaid? Most Ss are on their parents plans. “When your parent says get your own plan” #consumermath

Figuring out health insurance, what is a deductible, who to analyze health plans (give them a type of “family” scenario), how to read and challenge health care bills if they see errors, how to call customer service and elevate concerns appropriately.

My students have said taxes: income tax, what’s withheld from paychecks, how much should I withhold, number of dependents to claim.
Digital banking. Keeping a register is still important. Some payment, deposits don’t clear right away. Check to see cash back bonus has been added.

At lower economics levels money orders are still highly utilized. The allure of title and pay day loans present a need to teach the true cost and how to avoid them. I still use checks weekly to pay for lessons for my dtr.

Check out @NextGenPF . Great tools for personal finance. I still teach check writing and balancing a checking account, but use digital tools to do so. As you say, the answer is always spreadsheets. Business teachers are a good resource for you. ?

Compound interest. how it works for you as an investor and against you as a borrower. Saving for something vs borrowing (for a car). The difference in total cost. Though I definitely still need to write checks for things. No register, though.

I think there needs to be a focus on budgeting and how consumer debt can be crippling. So many college students open credit card accounts (free burger if you fill out an app!) and have no idea how to manage their spending, let alone understand how the cc interest rates work.

Focus on living below your means versus living within your means. Focus on using an online management system for payments and money management, but I think briefly check writing should be taught as where I rent they don’t own computers so check or money order must be used.

Most checkbook lessons include “deposits in transit” in bank reconciliation. While this is important to know, if you haven’t written a check it does not apply. Most transactions show up immediately. It is very important to teach “pending” and “posted”.

Q1) Given various levels of income and expenses, how long would it take to save $1M?
Q2) What % of total expenses should each category (housing, food, insurance, etc) be?
Q3) How long would $1M last you by the time you’ve earned it?

Maintaining budgets. Understanding the concept of credit and how ‘easy credit companies’ operate. Comparative prices in online environments. Ethical shopping i.e. using critical digital literacies to make conscious choices about products and their origins.